The government has not changed the interest rates on small savings schemes for the quarter beginning 1 July.

“The rates of interest on various small savings schemes for the second quarter of 2024-25, starting from July 1, 2024, and ending on September 30, 2024, shall remain unchanged from those notified for the first quarter (March 1, 2024, to June 30, 2024) of 2024-25,” said a finance ministry notification.

Deposits under the Sukanya Samriddhi scheme will earn an interest rate of 8.2%, while the rate on a three-year term deposit remains at 7.1%.

The interest rates for popular PPF and post office savings deposits scheme have been retained at 7.1% and 4%, respectively.

The interest rate on the Kisan Vikas Patra is 7.5%, and the investments will mature in 115 months.

The interest rate on the National Savings Certificate (NSC) will remain at 7.7%. Like the current quarter, the Monthly Income Scheme will earn 7.4% interest.

The government notifies the interest rates on small savings schemes, majorly operated by post offices and banks, every quarter.

Pension reform

The Pension Fund Regulatory and Development Authority has permitted the T+0 settlement for National Pension System (NPS) subscribers effective July 1.

Contributions received by bank until 11am (T) on any settlement day will be invested on the same day and the subscribers will get the benefit of same-day NAV.